In an important move, China banned the use of iPhones by central government officials. The news shocked the market and Apple of your shares caused it to fall by 3.6%; That marked the company’s biggest daily drop in a month, and the stock closed at $182.91 in New York. Before that, Apple’s share value this year It had achieved a 46% increase.
The Wall Street Journal reports that executives communicated the ban to their staff in a variety of ways, including chat groups and meetings. both Despite attempts to seek clarification from both the Chinese Ministry of Foreign Affairs and Apple, no official response was received..
Remarkably, sources say that Chinese officials had been doing so for some time even before the pandemic, although there was no official policy. unofficially states that they stay away from iPhones. Instead, these officials increasingly preferred smartphones produced by domestic companies, especially Huawei.
This development follows a broader trend of tensions between China and the US, which has imposed restrictions on various Chinese technology companies. In parallel, some Chinese government ministries have previously had banned Teslas from entering its facilities due to safety concerns.
Apple’s CEO Tim Cook previously made a high-profile visit to China, highlighting the country’s importance as both a market and a manufacturing hub, and saying the company’s total revenue accounted for approximately 19%.